Skanska USA Commercial Development is close to inking a deal to buy more land in Boston’s Seaport District for construction of a 425,000-square-foot office tower, the Boston Business Journal has learned.
Dubbed “L2” the one-acre lot between Seaport Boulevard and Boston Wharf Road would be purchased from Boston Global Investors and Morgan Stanley (NYSE: MS), the master developers for Seaport Square. The new tower would be built next to “L1” a one-acre parcel Skanska bought last year.
The development is part of Seaport Square, the 23-acre neighborhood under construction on Boston’s waterfront that will eventually include 6.3 million square feet of offices, residences, shops, restaurants, cultural and educational institutions, hotels and open space.
Shawn Hurley, Skanska’s executive vice president in Boston, confirmed the firm has an option to buy the lot, but declined comment on any other details.
“We are really excited about everything that’s happening in the Seaport District and look forward to furthering our stake hold in the neighborhood and on Seaport Boulevard,” Hurley said.
John Hynes, CEO and managing partner at Boston Global Investors, declined to comment beyond confirming that Skanska has an option to purchase the lot.
This is Skanska’s third purchase in the burgeoning Seaport District. Last year, Skanska paid $33 million for Parcel L1 *— recently renamed “101 Seaport” — from Hynes at the corner of Seaport Boulevard and Boston Wharf Road. The 440,000-square-foot, 17-story office tower that will break ground on Thursday at the southeast corner of Seaport Boulevard and Boston Wharf Road will be the new home of PricewaterhouseCoopers (PwC), which will occupy most of the building.
The site is adjacent to Parcel K, the property Skanska bought last year with Twining Properties for $18.6 million to develop Watermark Seaport, a 350-unit apartment building with 25,000 square feet of ground floor retail. The 275,000-square-foot residential tower.
Skanska is making a major commercial real estate play in the Boston area. They recently completed a 120,000-square-foot laboratory and office building located at 150 Second St. in Cambridge’s Kendall Square. The $70 million project is Skanska’s first commercial real estate investment in Cambridge, home to the some of best known biotechnology and technology companies.